Ahmedabad, January 28, 2025 – Rushil Decor Limited (NSE: RUSHIL, BSE: 533470) has reported its Q3 FY25 financial results, showcasing a net profit of ₹115 crore, while revenue from operations increased 9.3% year-on-year (YoY) to ₹2,117 crore. The company focuses on expanding its market share in MDF, laminates, and plywood while boosting exports.
Key Financial Highlights – Q3 FY25 (Consolidated)
| Metric | Q3 FY25 | Q3 FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹2,117 crore | ₹2,131 crore | -0.7% |
| EBITDA | ₹273 crore | ₹307 crore | -10.9% |
| EBITDA Margin | 12.9% | 14.4% | -150 bps |
| Net Profit (PAT) | ₹115 crore | ₹114 crore | +1.1% |
| Earnings Per Share (EPS) | ₹5.4 | ₹5.3 | +1.9% |
- Revenue: ₹6,672 crore (+9.3% YoY).
- Net Profit: ₹353 crore (+3.4% YoY).
Segment-Wise Performance
1. MDF Boards (73% of Revenue)
- Revenue: ₹1,540 crore (-2.5% YoY).
- EBITDA Margin: 15.2%, indicating firm cost control despite pricing pressures.
- Capacity Utilization: 87% in Q3 FY25, ensuring optimal production.
2. Laminates (23% of Revenue)
- Revenue: ₹486 crore (-1.7% YoY).
- EBITDA Margin: 7.7%, impacted by raw material costs.
- Capacity Utilization: 83%, with increased export sales.
Key Growth Drivers & Strategic Updates
1. Strong Export Market Growth
- MDF Exports: 30.7% YoY volume growth, with pricing up 6.5%.
- Laminates Exports: 13.6% YoY increase, reflecting strong demand in Europe & the USA.
- Presence in 56 countries, with further expansion planned.
2. Expansion Plans & Capacity Growth
- Jumbo Laminates Expansion in Gandhinagar, Gujarat
- ₹122.66 crore investment to establish a 2.8 million sheets/year facility.
- Production is expected to begin by Q4 FY25.
- Plywood Manufacturing Unit in Karnataka
- Production capacity of 300 boards per day via 51% joint venture in Chikmagalur.
- Expanding into the high-growth branded plywood segment.
3. Financial Stability & Debt Reduction
- Net Debt-to-Equity Ratio improved to 0.44x, down from 1.44x in FY22.
- 75% of funds raised in QIP are allocated to new expansion projects.
Management Commentary
Rushil K. Thakkar, Managing Director, Rushil Decor Limited, stated:"Our strong growth in MDF and laminate exports, combined with capacity expansion, positions us for long-term profitability. The upcoming Jumbo Laminates plant and our growing international footprint will further strengthen our leadership in the wood panel industry."
Strategic Outlook & Market Positioning
- Increased focus on value-added MDF products, targeting 50% revenue contribution in FY25.
- Expanding sales footprint in Europe, USA, and Australia with high-margin product lines.
- Capitalizing on India’s growing real estate & furniture demand to boost domestic sales.